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All Journal SEGMEN Jurnal Manajemen dan Bisnis Jurnal Minds: Manajemen Ide dan Inspirasi Dinar: Jurnal Ekonomi dan Keuangan Islam Jurnal Geocelebes Jurnal Mirai Management Journal of Economic, Bussines and Accounting (COSTING) al-Afkar, Journal For Islamic Studies JMM (Jurnal Masyarakat Mandiri) Patria Artha Management Journal EQIEN - JURNAL EKONOMI DAN BISNIS Atma Jaya Accounting Reseach (AJAR) JURNAL EKONOMI SAKTI (JES) International Journal of Religious and Cultural Studies Jurnal Ilmu Manajemen Profitability Journal of Community Service and Empowerment International Journal of Community Service Jurnal Riset Ilmu Ekonomi Jurnal Ar-Ribh INVOICE : JURNAL ILMU AKUNTANSI Wiga : Jurnal Penelitian Ilmu Ekonomi AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment) Ekombis Sains: Jurnal Ekonomi, Keuangan dan Bisnis Journal of Artificial Intelligence and Digital Business Eduvest - Journal of Universal Studies Perbal: Jurnal Pertanian Berkelanjutan Indonesian Journal of Multidisciplinary on Social and Technology Jurnal Bimbingan dan Konseling Pendidikan Islam Journal of Community Service and Society Empowerment Revenue Journal: Management and Entrepreneurship IIJSE International Journal of Economic Research and Financial Accounting Jurnal Social Society Indonesian Journal of Management Studies
Asri Jaya
Fakultas Ekonomi Dan Bisnis Universitas Muhammadiyah Makassar, Indonesia
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Neuroscience Public Health Social Sciences Other

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THE IMPLEMENTATION OF FULL CALL AUCTION ON TRADING VALUE AND PRICE MANIPULATION INDICATOR IN WATCHLIST STOCKS ON THE INDONESIA STOCK EXHANGE Aulia, Risna; Jaya, Asri; Nasrullah, Nasrullah
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9736

Abstract

This research analyzes the impact of the Full Call Auction (FCA) policy on transaction values and indications of price manipulation in stocks listed on the Special Monitoring Board (PPK) of the Indonesia Stock Exchange (BEI). This policy was implemented to improve market orderliness and protect investors from the risk of manipulation, which commonly occurs in low-liquidity and high-risk stocks. The research questions include whether FCA causes a significant change in trading value and whether FCA can reduce indications of price manipulation as measured by liquidity, information asymmetry, and volatility. The study uses a comparative quantitative approach with an event study design, analyzing 171 PPK companies during the period of November 3, 2023 - August 26, 2025, using saturated sampling. Secondary data was obtained from BEI, including transaction values, bid-ask data, and stock prices, observed for 10 trading days before and after the implementation of FCA. Descriptive analysis results show that the average trading value increased by 24.46% after FCA, but this change was not statistically significant. Based on the Wilcoxon signed-rank test, liquidity and information asymmetry underwent significant changes after FCA, indicating an improvement in market quality and a reduction in information asymmetry among investors. However, volatility did not show a significant difference, meaning FCA has not yet fully stabilized price fluctuations. Overall, FCA is considered quite effective in reducing indications of price manipulation, especially through increased liquidity and decreased information asymmetry, although its impact on trading value and volatility remains limited in the short-term observation period.
Dynamics of Corporate Financial Performance in IDX Carbon Initial Trading Participation: A DuPont Five-Step Approach Maulana, Danil; Haanurat, A. Ifayani; Jaya, Asri
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9740

Abstract

Global warming and increasing greenhouse gas emissions are driving various countries to develop carbon trading mechanisms as an instrument for emission control, including in Indonesia through the launch of IDX Carbon on September 26, 2023. This research aims to examine the dynamics of companies' financial performance before, during, and after participation in the inaugural carbon trading transaction via IDX Carbon using the DuPont Five-Step Analysis approach. The research population includes 16 companies participating in the inaugural IDX Carbon transaction, with a sample of seven companies selected using purposive sampling based on the availability of financial statements and annual reports. The data used consists of quarterly financial statements for the 2022-2024 period. The research problem focuses on the differences in Return On Equity (ROE) before, during, and after participation, as well as changes in DuPont components and their correlation to ROE. The analysis methods include descriptive analysis, comparative analysis, and correlation testing of DuPont components consisting of tax burden, interest burden, operating profit margin, asset turnover, and financial leverage. The research results indicate that companies' participation in the inaugural IDX Carbon transaction was not followed by a significant change in ROE in the short term. However, there were adjustments in the ROE-forming structure, especially an increase in interest burden pressure and the important role of operational efficiency and asset utilization in maintaining profitability. This research concludes that the impact of carbon trading on companies' financial performance is transitional and is more reflected through the dynamics of DuPont components than through aggregate changes in ROE.
Co-Authors A Ifayani Haanurat A. Ifayani Haanurat A. Ifayani Haanurat A. Tenri Syahriani A. Tenri Syahriani A.Ifayani Haanurat Abbas, Akmal Hidayah Abdul Khaliq Abdul Muttalib Abdul Wahab Achmad Abubakar Aeni, Nur’ Akhmad, Akhmad Alimuddin, Fauziah Andi Jam’an Andi Mappatompo Andi Mappatompo Andi Nila Sari Angrayani A Apriliani Sukwar Asriati Asriati Aulia, Risna Azizah Saban dadang nuryadi Dian Anggraeni Dian Anggraini Eka Febrianti Fakhira Irwan Fenny Hasanuddin Firman syah, Firman Fitri Handayani Alnur Haerany Sirajuddin Humaida Tuzzahra Husna, Evi Nurul Ifayani Haanurat Ihsanul, Muhammad Indo Santalia Irwansyah, Nur Fadiyah Ifa Putri Ismawati Ismawati J, Jusriadi Kasmita Kasmita Khaliq, Abd. Lilis, Lilis M. Yusuf K M. Yusuf K M. Yusuf. K Mahmud Nuhung Maulana, Danil Meily Meliyani Muchriana Muchran Muchriana Muchran Muchriana Muchran Muh. Alfian Muh. Nur Muhammad Adil Muhammad Khaedar Sahib Muhammad Umar Muhammad Yusuf Mukhtar Lutfi mutiara mutiara Mutya Khaerunnisa Nasrullah Nasrullah Nining Triani Thamrin Nur Alisa Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurlina Nurpadila, St. Nurul Fauzia Ishak Rahmawati Muin Risaldi, Muh Rusydi Khalid S. Sukmawati Saeful Saeful Sahabuddin Nanda Sahabuddin Nanda Sahabuddin Nanda Sahrullah, Sahrullah Sakaria Sakaria Samsul Bahari Saputri, Ananda Selmi Selmi Sukmawati - Sukmawati S Sukmawati Sukmawati Ullah, Nasrullah Vikram Singh Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wa Ode Sufiati Wahyudi Malik Wahyudin G Yulia Yulia Yusran, Sri Wahyuni Pratiwi Yusuf, Nadia Zhabila Zalkha Soraya Zalkha Soraya Zalkha Soraya